Knowing the Rules

Recommendations

While my office recognizes that the CRA has already taken steps to address the issues, and continues to do so, recent comments from taxpayers as well as current media reports suggest that some confusion still exists about the tax rules governing the TFSA.

Canadians rely largely upon the CRA for the information they need to meet their tax obligations and obtain what they are entitled to from their government. In addition to ensuring that its Web site and publications inform Canadians of the tax obligations that come with a new tax program, the CRA should take steps to inform Canadians on where to find that information.

In light of the foregoing, I make the following recommendations:

1. That the CRA take steps to make Canadians more aware of the information it provides about the TFSA on its Web site, in print, and elsewhere;
2. That the CRA continue to update the information available on the TFSA and be proactive in informing Canadians about how to find the tax rules governing the TFSA;
3. That the CRA continue to work with the financial services sector to ensure that the CRA's information products about the TFSA are widely available.